Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Kiara made deposits of $7,500 into a fund at the beginning of each quarter for the past 5 years. He then left the money to

image text in transcribed

image text in transcribed

Kiara made deposits of $7,500 into a fund at the beginning of each quarter for the past 5 years. He then left the money to accumulate in the fund for another 3 years. The fund grows at 4.25% compounded monthly. a. What was the accumulated value of the fund at the end of 5 years? Round to the nearest cent b. What was the accumulated value of the fund at the end of 8 vears? b. What was the accumulated value of the fund at the end of 8 years? Round to the nearest cent c. What was the amount of interest earned over the 8-year period? Round to the nearest cent

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Strategies For Forex Trading How To Maximizing Your Potential Returns

Authors: Clifton Bemrich

1st Edition

979-8388676955

More Books

Students also viewed these Finance questions

Question

Please make it fast 3 0 1 .

Answered: 1 week ago